Former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu, has said the removal of fuel subsidy and devaluation of naira by President Bola Tinubu were right policies wrongly implemented.

The Professor of Political Economics said both the petrol (fuel) subsidy and defence of naira by the previous administration of ex-president, Muhammadu Buhari, and CBN governor, Godwin Emefiele was not the best policy for the country.

Moghalu said what was wrong with the execution of the removal of the fuel subsidy and suspension of naira defense against the US Dollar was that President Tinubu failed to put measures in place to cushion the effects of the policy on the citizens.

He said the President “hurriedly”, without proper planning for consequences, removed fuel subsidy. He added that the President announced the floating of the naira without monetary tightening and a substantive CBN governor.

“The petrol subsidy and the forex subsidy were unsustainable. The fact that wrongheaded execution of their removal – removing the petrol subsidy hurriedly without proper planning for consequences and alternative transport solutions for the people, and floating the exchange without first tightening monetary policy and without a substantive Central Bank of Nigeria Governor with a real plan in place — is a very different thing from whether those reforms were needed.

“The issue was, and is, competence of conception and execution. Framing and executing evidence-based public policy is a real challenge for Nigeria and many African countries. I say this because the reality of the suffering faced by Nigerians should not confuse us as to why the situation is this way. My position on the fuel subsidy and exchange rate subsidy, given our country’s fiscal realities in 2023, remains consistent and not populist,” the former CBN Deputy Governor said.

Experts have continued to question “fuel subsidy is gone” statement of President Tinubu on his inauguration day on May 29, 2023. Also questioned was the government’s decision to allow naira to gain its strength against foreign currency.

An Economist, Olayiwola Adejare Lawal, in an interview, said Nigeria’s economy being import-dependent requires subsidies to grow.

Lawal said the federal government’s decision was against the local economics of Nigeria. He said economic advice against fuel subsidy and in support of naira floating would affect Nigeria’s economy.

Moghalu, however, said if policies to incentivize productivity and exports were put on ground before the fuel subsidy removal and naira float were carried out, the policy would have been beneficial.

The President of the Institute for Governance and Economic Transformation Africa further said the leaders have also failed to sacrifice while asking citizens to bear the pains of necessary but poorly executed policy,

“Beyond this, executing painful reforms requires the legitimacy of shared sacrifice. That such a sacrifice on the part of the political leaders of Nigeria is absent, while asking citizens to bear the pain of necessary (although incompetently executed) reforms damages the legitimacy of the reforms.

“If it is accompanied by policies to incentive productivity and exports it would be beneficial,” he added.

A far-right, anti-immigration party is in reach of becoming the biggest political force in France after the first of two rounds of voting in parliamentary elections drew a historically high turnout. The first-round results in the French election are the latest evidence of surging support for the far-right in Europe, but the real test of that trend nationally will come when France opens the polls for the second, decisive round of voting in one week.

French President Emmanuel Macron took a huge gamble by calling the snap election this year, and he's now issued a battle cry urging the nation's voters to come out in force on July 7 to stop the far-right, which made its best showing ever in round one, from rising to the very top of government in round two.

Turnout was unusually high as many voters said they either wanted to block the far-right, or just get rid of Macron's government.

FRANCE-POLITICS-ELECTION
A videograb shows France's President Emmanuel Macron (C) walking down a street in Le Touquet-Paris-Plage, northern France, June 29, 2024.JEREMY AUDOUARD/AFP/GETTY

Far-right leader Marine Le Pen said her National Rally party had "virtually wiped out" Macron's centrist power base in the first-round Sunday vote. National Rally took a third of the votes in that round.

Macron called these elections hoping to rally voters against the far-right, after parties like Le Pen's fared well in Europe-wide elections for the European parliament, which governs the European Union, in the spring.

"President Macron made a colossal error in judgment," political analyst Douglas Webber told CBS News. Webber said the first round results show Macron could be forced to share power with National Rally — a party that is anti-immigration, wants to roll back the power of the European Union, and has even threatened to pull France out of the U.S.-led NATO military alliance.

If the National Rally wins enough votes in the second round, party president Jordan Bardella could find himself in the country's second-top job, as prime minister. He wants to pull back on France's support for Ukraine in the face of Russia's ongoing invasion.

"That would be a very good result for Vladimir Putin, a very bad result for Ukraine and President Zelenskyy," said Webber.

That outcome is not a foregone conclusion. The French have a history of voting more ideologically in the first round — "with their hearts," as the saying goes — but then more tactically, "with their heads," in the second round.

Tension rises in anti-far-right protests in Paris following election results
Demonstrators gather in Place de la Republique, to protest against the rising right-wing movement after the National Rally party's victory in the first round of early general elections in Paris, France, June 30, 2024.LUC AUFFRET/ANADOLU/GETTY

Macron and the thousands of left-wing supporters who gathered in central Paris on Sunday to voice their concern at the far-right's performance will be hoping that's the case, and that the actual gains in parliamentary seats won't mirror the windfall seen for Le Pen and Bardella's party in round-one.

"Right now, we have big problems with the right wing," said one young woman before the results came in. "We want more democracy, you know, we don't want people to feel afraid or scared about living in France."

But the political winds across much of the continent have been blowing decidedly to the right for more than a year. Should the far-right parties win big in France on July 7, Webber warned it could leave a power "vacuum at the heart of Europe," which has been dominated for years by the influence of its two biggest economies, France and Germany.

"No one, or no other group of countries, could conceivably fill the role that's historically been played by France and Germany," he said. "That's, of course, the main reason why so many people, observers, are extremely worried."

Among the worried Europeans voicing their angst on Monday was Polish Prime Minister Donald Tusk, who said the first-round results in France indicated a "very dangerous" political turn.

"This is all really starting to smell very dangerous," said Tusk, who suggested without offering specific evidence that "Russian influence" was behind the rise of "many parties of the radical right in Europe."

"Even the complete victory of the radical right of Ms. Le Pen's camp does not signal the loss of power by the center represented by President Macron," Tusk told reporters. "But it is a very clear sign of what is happening not only in France, but also in some other countries, also in Western Europe."

Tusk said France "will be forced to confront these radical forces," and he warned that, "foreign forces and enemies of Europe are engaged in this process, hiding behind these movements."

Macron has called on voters from across the political spectrum to block the far-right's precipitous rise with their votes in the final round on Sunday.

[CBS]

The United Kingdom will hold its first national election in almost five years on Thursday, with opinion polls suggesting that Prime Minister Rishi Sunak’s Conservative Party will be punished for failing to deliver on promises made during 14 years in power.

The center-right Conservatives took power during the depths of the global financial crisis and have won three more elections since then. But those years have been marked by a sluggish economy, declining public services and a series of scandals, making the Tories, as they are commonly known, easy targets for critics on the left and right.

The Labour Party, which leans to the left, is far ahead in most opinion polls after focusing its campaign on a single word: Change.

But the Tories face other challenges as well. The new Reform Party is siphoning off votes from the rightwing of the Conservatives after criticizing the Tory leadership for failing to control immigration.

How will the election work?

People throughout the United Kingdom will elect all 650 members of the House of Commons, one for each local constituency. There are no primaries or run-offs, just a single round of voting on July 4.

Britain uses a “first past the post” system of voting, which means that the candidate that finishes top in each constituency will be elected, even if they don’t get 50% of the vote. This has generally cemented the dominance of the two largest parties, Conservatives and Labour, because it is difficult for smaller parties to win seats unless they have concentrated support in particular areas.

How is the prime minister chosen?

The party that commands a majority in the Commons, either alone or with the support of another party, will form the next government and its leader will be prime minister.

That means the results will determine the political direction of the government, which has been led by the center-right Conservatives for the past 14 years. The center-left Labour Party is widely seen to be in the strongest position.

Who is running?

Sunak, a former Treasury chief who has been prime minister since October 2022, is leading his party into the election. His primary opponent is Keir Starmer, a former director of public prosecutions in England and leader of the Labour Party since April 2020.

But other parties, some of which have strong regional support, could be crucial to forming a coalition government if no one wins an overall majority.

The Scottish National Party, which campaigns for Scottish independence, the Liberal Democrats, and the Democratic Unionist Party, which seeks to maintain ties between Britain and Northern Ireland, are currently the three largest parties in Parliament after the Conservatives and Labour. Many observers suggest the new Reform Party, fronted by Brexit campaigner Nigel Farage, may siphon votes from the Conservatives.

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FILE - Britain’s Prime Minister Rishi Sunak and opposition Labour Party leader Keir Starmer, left, take part in the BBC’s Prime Ministerial Debate, in Nottingham, England, Wednesday June 26, 2024. (Phil Noble/Pool via AP, File)

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FILE - A Union flag is displayed outside the Houses of Parliament, in London, Thursday, May 23, 2024. (AP Photo/Kin Cheung, File)

Why are the Conservatives under pressure?

The Conservatives have faced one challenge after another since they took power in 2010. First there was the fallout from the global financial crisis, which swelled Britain’s debt and caused the Tories to impose years of austerity to balance the budget. They then led Britain out of the European Union, battled one of the deadliest COVID-19 outbreaks in western Europe, and saw inflation soar after Russia invaded Ukraine.

Regardless of the circumstances, many voters blame the Conservatives for the litany of problems facing Britain, from sewage spills and unreliable train service to the cost-of-living crisis, crime and the influx of migrants crossing the English Channel on inflatable boats.

On top of that, the party has been tarred by the repeated ethical lapses of government ministers, including lockdown-busting parties in government offices. The scandals chased former Prime Minister Boris Johnson from office and ultimately from Parliament after he was found to have lied to lawmakers. His successor, Liz Truss, lasted just 45 days after her economic policies cratered the economy.

What are the big issues?

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FILE - In this Thursday, Dec. 12, 2019 file photo, a polling station signpost lies on the pavement, in Twickenham, England. (AP Photo/Frank Augstein, File)

The economy: Britain has struggled with high inflation and slow economic growth, which have combined to make most people feel poorer. The Conservatives succeeded in controlling inflation, which slowed to 2% in the year through May after peaking at 11.1% in October 2022, but growth remains sluggish, raising questions about the government’s economic policies.

Immigration: Thousands of asylum seekers and economic migrants have crossed the English Channel in flimsy inflatable boats in recent years, triggering criticism that the government has lost control of Britain’s borders. The Conservatives’ signature policy for stopping the boats is a plan to deport some of these migrants to Rwanda. Critics say the plan violates international law, is inhumane, and will do nothing to stop people fleeing war, unrest and famine.

Health care: Britain’s National Health Service, which provides free health care to everyone, is plagued with long waiting lists for everything from dental care to cancer treatment. Newspapers are filled with stories about seriously ill patients forced to wait hours for an ambulance, then longer still for a hospital bed.

The environment: Sunak has backtracked on a series of environmental commitments, pushing back the deadline for ending the sale of gasoline- and diesel-powered passenger vehicles and authorizing new oil drilling in the North Sea. Critics say these are the wrong policies at a time the world is trying to combat climate change.

Why is the election being held now?

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FILE - Britain’s Prime Minister Rishi Sunak speaks to the media, as heavy rain falls, outside 10 Downing Street in London Wednesday, May 22, 2024, as he announces that he is to call a General Election for July 4. (AP Photo/Kin Cheung, File)

Sunak surprised pundits and most of his own lawmakers six weeks ago when he set the election for July 4, at least three months earlier than expected.

While most observers thought the vote would take place in the fall, Sunak gambled on a summer election, hoping that positive economic news would help him persuade voters that Conservative policies were beginning to work.

The decision was so startling that it landed the Tories in hot water. Allegations have emerged that party members and police officers assigned to protect government officials had placed wagers on a summer election, suggesting they had inside information and damaging Sunak’s ability to claim that his party is more trustworthy than Labour.

Commentators had been speculating about the timing of the election for months because the parliamentary term was scheduled to end in mid-December. While each parliament is elected for up to five years, the prime minister can call an election whenever it is most advantageous politically.

[AP]

Religious leaders in Siaya want the government to engage an international mediator in solving the current impasse that saw young Kenyans take to the streets to protest the passage of the finance bill.

Through the Siaya Church Leaders’ Forum (SCLF), the clerics say that the situation may get out of hand if urgent steps will not be taken to address it, adding that government will only succeed if an independent international mediator is brought on board to engage the youths.

Led by the chairman of the church leaders’ forum, Archbishop James Opiyo Anyango, the clerics lauded the efforts that the government was putting in place to ensure that the youths are engaged and their demands taken into account.

The forum organizing secretary, Bishop Wilfred Amollo said Kenyan youths seem to have lost hope and trust in the current government and may not feel comfortable engaging President William Ruto.

The church leaders lauded the Kenyan youths for standing firm in exercising their rights, but called on them to embrace peace and avoid destruction of properties during their anti-government protests.

Other leaders who addressed the media during the occasion were Bishop Elias Sewe and Bishop Martin Arara who called on the government to minimize wastage of public resources to quell the Gen Z protests.

[https://www.capitalfm.co.ke/]

The Vice President of Nigeria, Kashim Shettima, on Monday, disclosed that the death toll from the suicide bomb attack in Gwoza area of Borno State on Saturday has risen to 31.

According to Shettima, 42 persons were brought to the specialist hospital, but 14 have been discharged after receiving treatment.

 

The Vice President noted that 26 are still receiving treatment.

Shettima, who made a personal donation to all the victims, condoled with the families of those killed by the multiple explosions.

He also conveyed the condolences of President Bola Tinubu to Gwoza people and Borno State.

The Vice President was in the company of the Deputy Governor of Borno State, Babagana Kingibe, Senator Ali Ndume, Minister of Agriculture and Food Security, Senator Abubakar Kyari, former Nigerian Ambassador to China, Baba Ahmed Jidda, the Director General of NEMA and other government functionaries.

Meanwhile, President Tinubu has described criminals responsible for the suicide bombing in Borno State as cowards who would soon face the wrath of justice.

The President said the action of the terrorists is due to the pressure mounted against them by security forces which have degraded their abilities to mount attacks.

While consoling all those affected by the attack, President Tinubu assured Nigerians that the government would not allow the nation to slither into an era of fear, tears, sorrow, and blood.

He added that his administration would take every necessary step to ensure citizens are protected, and criminals are brought to justice.

[NaijaNews]

The Minister of the Federal Capital Territory, FCT, Nyesom Wike has lashed out at the senator representing the territory, Ireti Heebah Kingibe.

Speaking during the flag-off of the construction of the Mabushi Bus Terminal in Abuja, Wike said Kingibe would lose the support of FCT residents in the next election.

The former Rivers State Governor said it was disheartening that instead of collaborating with the FCT Administration, Kingibe was instead angry that residents are reportedly praising him (Wike).

“I overheard somebody on Arise TV this morning. Unfortunately, I heard the person is a member of the National Assembly and it is unfortunate I say so. With all due respect, what you don’t know, you don’t know, what you know you know, and the good thing for you is to tell people you don’t when you don’t know, then people will educate you.

“The Honourable Minister of State and my humble self-have not been in office for more than 11 months and the person is angry that they are praising us. If you don’t want or you are angry about that, go and hang yourself on a transformer.

“If we have done well, we have done well. If we haven’t done well, we haven’t done well. I am proud to say that in the short time that Mr President has appointed us, we have done well.

“You said there are no hospitals. You, as a legislator, what have you done? How many bills have you sponsored for us to improve our education and health sector,” he queried.

He challenged Kingibe to contest in 2027, insisting that she would fail woefully.

According to Wike, what happened in the last election that brought Kingibe into power would not repeat itself.

He stressed that FCT is his territory and he is not afraid.

Wike urged people to accept the truth, stressing that he would not beg anyone to be their friend.

DAILY POST recalls that Kingibe had, during the television programme, criticised the Wike-led administration in the FCT, saying she is not a friend of the minister.

[DailyPost]
 
 

The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Monday fumed over the allocation of land meant for a bus terminal in the Central Business District, Abuja.

Wike, who made the complaint at the inauguration of the construction of Mabushi Bus Terminal, Phase I, in Abuja, described the action as a gross distortion of the Abuja Master Plan.

He explained that the FCT Administration decided to build three terminals, one each in the Central Business District, Mabushi and Kugbo, to ensure a secure and convenient travel experience for commuters in the territory.

He, however, said that the land designated for the bus terminal in the Central Business District, where a train track was expected to pass through, had been allocated to somebody.

“When we went there to start preparation for the inauguration project last Tuesday, I received a text that I had taken somebody’s land, and I was surprised.

“In fact, in that text message, the person said, ‘after his sacrifices and inputs to the party, is this what he will suffer?”.

“When I enquired, we found out that the place has been given out and Certificate of Occupancy (C of O) had been signed, even consent judgement has been entered between FCTA and the person,” he said.

He explained that he directed that the Mabushi location should be used for the inauguration of the terminal project, pending when the issue would be resolved.

The minister noted that leadership was all about taking decisions, noting that in taking decisions, not everybody would be happy, but a decision must be taken.

“This is just to let people know some of the things we face; how the Master Plan of the FCT had been distorted.

“When you want to make a decision, so many people will be angry and when you are complaining, they won’t come with sincere facts; they will come with distorted facts,” he said.

The minister added that Abuja was supposed to be one of the best cities in the world but lacked the necessary infrastructure to be a first-class city.

He particularly pointed out that a city like Abuja does not have bus and taxi terminals, thereby forcing people to park and board vehicles on the road, and taxis all over the place.

This, according to him, is contributing to the level of insecurity in the territory, including the proliferation of “one chance” criminal elements.

He explained that the construction of the bus and taxi terminals was part of efforts to reduce the level of insecurity under the Renewed Hope Agenda of President Bola Tinubu.

“To reduce insecurity, we made a proposal to the National Assembly explaining that part of the security problem we are facing is because we have not been able to know who the people operating taxis and buses in FCT are and where they are loading from.

“One of the things that people don’t understand about the Renewed Hope Agenda, is that it is not just about human capital development; it is also about empowerment of our people.” he said.

[Newspot]

The Federal Ministry of Works has terminated contracts with three companies due to non-performance on the dualization of the Obajana-Benin road project.

The companies are Mothercat Ltd, Dantata & Sawoe Construction Ltd, and RCC Ltd.

In a statement on Monday by the Special Adviser (Media) to the Minister of Works, Orji Uchenna, said the termination was necessary due to the inordinate delay and failure of the companies to fulfil their contractual obligations.

The Minister, David Umahi, directed engineers to take over the sites and measure the work done to facilitate the takeover from the companies.

Lagos hotel raid: EFCC operatives to face disciplinary panel over alleged assault of woman
He noted that the contracts, worth billions of naira, were awarded in 2012 but were abandoned by the contractors, leaving road users to suffer due to the deplorable condition of the road.


The Minister warned that the government will not tolerate acts of unseriousness and sabotage by contractors, stating that “going forward, all funded but non-performing contracts shall be terminated.”

This move is seen as a bold step by the Renewed Hope administration to address the country’s infrastructure challenges.

“We will not condone any act that will hinder our progress. We are determined to change the narrative of Nigeria’s road infrastructure”, Umahi said.

The terminated contracts include Contract No. 6136 with Mothercat Ltd for the dualization of Obajana-Benin road, section II (Okene-Auchi) in Kogi/Edo State; Contract No. 6137 with Dantata & Sawoe Construction Ltd for the dualization of Obajana-Benin road, section III (Auchi-Ehor) in Edo State; Contract No. 6138 with RCC Ltd for the dualization of Obajana-Benin road, section IV (Ehor-Benin) in Edo State.

The Rivers State Independent Electoral Commission, RSIEC, has announced that it has fixed the date to conduct local government elections in the state for October 5.

 

The Commission, on Monday, released its guidelines in view of the conduct of the council elections in the state.

 

This was coming as the police in the state have maintained the occupation of the local government area council secretariats following the leadership crisis rocking the councils.

Following the expiration of the tenure of the elected chairmen and councillors of the 23 LGAs, the governor of the state, Sir Siminialayi Fubara, inaugurated Caretaker Committees pending the conduct of council elections.

However, the development had sparked protests by the outgone chairmen loyal to the Minister of the Federal Capital Territory, Chief Nyesom Wike.

They are insisting that the Martins Amaewhule-led State Assembly had extended their tenure by six months in the repealed Local Government Administration law of the state.

However, RSIEC met with the leaders of political parties and major stakeholders in the state, over conducting the elections.

Rep James Faleke (Ikeja Federal Constituency) has called on Nigerians to treat the outbreak of cholera in some parts of the country with the same level of seriousness they applied to the COVID-19 pandemic.

Faleke made the call in an interview with the News Agency of Nigeria (NAN) on Monday.

The Nigeria Centre for Disease Control (NCDC) recently reported that 53 deaths due to cholera had been recorded in the country.

The Director-General of NCDC, Dr Jide Idris, stated that the Federal Government had activated the National Emergency Operation Centre for cholera.

Idris said, “As of June 24, 2024, 1,528 suspected cases and 53 deaths were recorded across 31 states and 107 LGAs with a case fatality rate of 3.5 percent since the beginning of the year.”

Reacting, Faleke said Nigerians should do more to curb the cholera outbreak.

“Every Nigerian needs to be careful; our attitude to cleanliness matters,” he said.

Faleke urged Nigerians to be more cautious about what they eat and drink.

“The way we took COVID-19 seriously is the way we should take this cholera outbreak.

“Cholera has killed many people. We expected that, in this modern age, we should not be experiencing an outbreak of cholera in Nigeria.

“However, it has come; so, we have to deal with it. People should be more careful with what they eat and drink.

“There are many fake products out there. Stop consuming fake products. You don’t have to drink just anything; take clean water,” he advised.